6 Ways To Increase Your Monthly Recurring Revenue

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Many MSPs rely too heavily on warm referral leads to generate business. While referrals are great, companies should employ other methods to keep the leads coming in, Pica said.

"Today, not every prospect is great for managed services. Referrals have some limit to how much they will generate," Pica said.

Direct marketing, internet marketing, networking events, joint ventures and partnerships are excellent resources for new leads, he said. "Find other companies with same target market to work together and share leads. Teach them what a good prospect is for you so they can identify when a company might need you," he said.